Key Details

SGS T-bills are fully backed by the Singapore Government.

Issuer

Government of Singapore

Sovereign credit rating

AAA

Tenor

6 months or 1 year

Currency

SGD

Interest rate

No coupon. Issued at a discount to the face value

Interest payments

Upon maturity, investors receive the face value

Tax

There is no capital gains tax in Singapore.

• For individuals, interest income earned on SGS is tax exempt.
• Non-residents without a permanent establishment in Singapore do not have to pay taxes on interest income.

Compare with other SGS products 

What It Is Good For

Use T-bills to:

• Diversify your investment portfolio.
• Receive a fixed interest payment at maturity.
• Invest in a safe, short-term investment option.

Buying and Selling

Investors can purchase T-bills at auction. Auctions typically take place 3 business days before issuance and are announced on the SGS website 5 business days before the auction.

You can apply through through DBS/POSB, OCBC and UOB ATMs or internet banking. Find out how individuals can buy SGS bonds.

Frequency of issuance

Quarterly, according to the issuance calendar.

Method of sale

Uniform price auction - investors can submit competitive or non-competitive bids.

Bid format

In yield terms, up to 2 decimal places.

Investment amount

Minimum S$1,000, and in multiples of S$1,000.

• There is no maximum amount an individual can hold, but there are limits for each auction.
• You can submit up to S$1 million in non-competitive bids at each T-bill auction.

Typical issue size

S$2 billion to S$4 billion.

Who can buy

All institutions and individuals, including non-residents. Individuals need to be 18 years and above.

Buy with SRS and CPF

Yes

Settlement

T+3 at auction; T+1 in the secondary market.

Custody

At the Central Depository .

Secondary market trading

• At DBS, OCBC and UOB main branches. View branch and contact details.
• On the SGX through your broker.